AET — the tanker arm of Malaysia’s MISC Berhad — is out of the stainless-steel chemical tanker market with the sale of the last such vessel remaining in its fleet.
The departure of the 20,000-dwt stainless-steel chemical tanker Bunga Lily (built 2011) completes an exit strategy that began in 2019.
Brokers report the Bunga Lily has been sold for $21.7m, with FGAS Petrol Co of Vietnam being named by some as the buyer.
The tanker is one of six L-class sister ships built for MISC by Fukuoka Shipbuilding in Japan. Ownership of the vessels lay with Japanese trading houses, which financed the orders through leasing deals.
VesselsValue lists Mitsubishi UFJ Lease & Finance Co as the owner of the Bunga Lily during its time in the MISC and AET fleets.
AET declined to comment on the Bunga Lily’s departure, citing confidentiality reasons.
MISC, back when the ships were built, operated a large fleet of small to medium-size product and chemical tankers. A subsequent reorganisation of the company’s business streams saw these tankers merged into the AET fleet while MISC concentrated on LNG carriers.
AET started purging its fleet of small and handysize product and chemical tankers in 2019 as part of a strategic portfolio review that would see it concentrate on larger size segments.
The L-class chemical tankers have proven popular, with Vietnamese tanker operators buying up the entire sextet. PetroVietnam, Truong Phat Loc Shipping, Asia Pacific Shipping, Nhat Viet Transportation and now FGAS Petrol have each bought units since 2019.
The last deal involving one of the ships was concluded in April, when the Bunga Lilac (built 2011) was sold to Nhat Viet for a reported $21.9m.
The Bunga Lily has recently been operating in the Womar-led Stainless Tankers pool.
